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Macro Chapter 5
| Term | Definition |
|---|---|
| price controls | an attempt to set prices through government involvement in the market (page 166) |
| price ceiling | a legally established maximum price for a good or service (page 166) |
| black markets | illegal markets that arise when price controls are in place (page 167) |
| rent control | a price ceiling that applies to the market for apartment rentals (page 172) |
| price gouging laws | temporary ceilings on the prices that sellers can charge during times of emergency (page 174) |
| price floor | a legally established minimum price for a good or service (page 176) |
| minimum wage | the lowest hourly wage rate that firms may legally pay their workers (page 202) |